Lavendon shaves £18m off debts

Lavendon Group has posted a reduced debt figure for the first six months of 2004, while its UK business – Nationwide Access - returned to revenue growth.

The Group has reduced its overall debt to £98.7m compared to £116.7m for the last six months of 2003. At the same time it reported turnover to be stable at £50m, with operating profits, before exceptional costs, reduced to £200,000 from £2.5m.

“Although trading conditions remain extremely tough, we are pleased with the return to revenue growth in the UK,” said Kevin Appleton, Lavendon chief executive.

According to Appleton, demand in the UK access market has been flat due to a slow new-build construction sector. “Revenues, however are slightly up, and the UK market is certainly improving,” he said.